Core Viewpoint - Associated British Foods (ABF) is considering separating its Primark retail arm from its food operations to maximize long-term value following a strategic review [1][2] Financial Performance - ABF reported a decline in group revenue to £19.45 billion ($25.42 billion) for the fiscal year ending on 13 September 2025, down 3% at actual exchange rates and 1% at constant currency [3] - Adjusted operating profit decreased by 13% to £1.73 billion, with a similar drop in adjusted profit before tax to £1.69 billion [3] - On a statutory basis, operating profit fell 23% to £1.48 billion, and profit before tax decreased 26% to £1.41 billion [4] Retail Performance - Retail sales increased by 1% to £9.5 billion, driven by store openings in Europe and the US, contributing 4% to sales growth [4] - Adjusted operating profit in retail rose 2% to £1.1 billion, with an adjusted operating margin of 11.9% [4] Strategic Review - The review is being conducted with input from ABF's largest shareholder, Wittington Investments, which aims to retain a majority stake in both businesses [1][2] - CEO George Weston expressed support for the board's review of the group structure, emphasizing the potential of both businesses [5][6]